Maplebear (NASDAQ:CART) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Maplebear (NASDAQ:CART) in a report published on Tuesday morning, Benzinga reports.

CART has been the topic of several other reports. Macquarie began coverage on Maplebear in a report on Monday, March 25th. They set an outperform rating and a $42.00 target price on the stock. Wolfe Research boosted their price objective on Maplebear from $35.00 to $39.00 and gave the stock an outperform rating in a research note on Tuesday, March 5th. Benchmark reaffirmed a hold rating on shares of Maplebear in a research note on Tuesday. Piper Sandler boosted their price target on shares of Maplebear from $36.00 to $45.00 and gave the company an overweight rating in a research report on Friday, March 15th. Finally, Robert W. Baird raised their price objective on shares of Maplebear from $31.00 to $44.00 and gave the stock an outperform rating in a research report on Monday, April 1st. Ten analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $39.42.

Maplebear Price Performance

NASDAQ CART opened at $37.52 on Tuesday. Maplebear has a one year low of $22.13 and a one year high of $42.95. The business has a fifty day moving average price of $35.93 and a 200 day moving average price of $29.00.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities research analysts expect that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Alan Ramsay sold 12,113 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the transaction, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at $3,920,657.65. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Alan Ramsay sold 12,113 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $34.33, for a total value of $415,839.29. Following the sale, the chief accounting officer now directly owns 114,205 shares in the company, valued at $3,920,657.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 3,236 shares of Maplebear stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $35.09, for a total value of $113,551.24. Following the completion of the transaction, the chief executive officer now owns 2,125,301 shares of the company’s stock, valued at $74,576,812.09. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 2,157,745 shares of company stock worth $61,771,955 and have sold 1,055,899 shares worth $30,422,265. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Several hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in shares of Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the last quarter. Signaturefd LLC acquired a new position in shares of Maplebear during the third quarter worth $30,000. Cantor Fitzgerald L. P. increased its holdings in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after buying an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new stake in Maplebear in the fourth quarter valued at $69,000. Finally, Amalgamated Bank purchased a new stake in Maplebear during the 4th quarter worth about $94,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.